Enhance implementation of New Industrial Master Plan 2030

The recent launching of the New Industrial Master Plan (NIMP) 2030 by Prime Minister Dato’ Seri Anwar Ibrahim at the Ministry of Investment, Trade and Industry is welcome. It is hoped that the relevant departments strengthen efforts to execute this Plan to further enhance the productivity and global competitiveness of local enterprises.

The book “Execution: The Discipline of Getting Things Done” co-authored by authorities in management Larry Bossidy and Ram Charan, pointed out that the success of an organisation relies on 30% strategy and 40% execution; the rest depends on luck. Although luck cannot be mastered, human efforts can determine strategy and execution. Many policies with good intentions often fail due to insufficient execution.

Having served as Deputy Minister of Trade and Industry from 2020 to 2022, and together with my technocrat colleagues from the Ministry, I had participated in the drafting of the NIMP 2030. We strove to enhance the local manufacturing and service sectors for the application of Industrial Revolution 4.0 and green technology. We had assisted local enterprises to integrate with international supply chains.

Without any doubt, I believe that the NIMP 2030 is moving with the correct strategy. Irrespective of whichever political party that comes into power, the NIMP 2030 must be resolutely implemented to upgrade our nation’s industries and economic resilience to accelerate Malaysia’s economic recovery comprehensively in the post-pandemic era.

I would like to recommend three policies to strengthen the implementation of the NIMP 2030:

1)        Strengthen inter-Government Ministry coordination: There are many government agencies or units involved in the industrial sector. In addition to MITI, there is also the Ministry of Higher Education, Ministry of Human Resources, Ministry of Science, Technology and Innovation, Ministry of Entrepreneur and Cooperatives Development and others. Thus, the government should expand inter-Ministry cooperation and coordination, reduce red tape and bureaucracy to attract more high-quality foreign investment into Malaysia.

2)        Conduct regular dialogues and exchanges: As the global situation is changing rapidly, the government must organise more dialogues and exchanges with stakeholders in the business community at regular intervals. These include the major chambers of commerce and foreign investment representatives, to incorporate various changes into the formulation of new policies.

3)        Enhance federal-state government relations: Considering that states have differing positioning and location advantages, Putrajaya needs to strengthen the coordination mechanism with the relevant state governments in order to fully implement NIMP 2030 policies to benefit the local communities.

-MCA online-